I’ve just come across a thread on Twitter which explains some of the impact he had on investing / investors:
Jack Bogle passed away.
If his is a new name for you: when you retire, he’ll have been directly responsible for about $1 of every $2 you receive from your investment returns or pension, by negotiating down by 95% fees the financial industry charged for no good reason.
The fee is the management fee for mutual funds, which were clustered in the ~2% region when they were principally actively managed by stock pickers who purported to deliver above-market performance.
This promise was not true.
Bogle popularized a better product costing 10 bps [0.1%].
The difference between 2% and 10bps is approximately a quarter of the returns to capitalism, which compounded over a 35 year working career work out to about 2X difference.
(Being somewhat handwavy on the math in the interest of general legibility.)